Ink Business Preferred℠ Credit Card Review

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"The King of Business Credit Cards"

This is a business card that's very hard to beat with a huge sign-up bonus, as well as earnings of 3 points per $1 on the first $150,000 in so many various business categories. One to beat!

Just because you’re a small business owner doesn’t mean you don’t have big expenses. So why not earn big points on the purchases you make every month to redeem for awards that can make your life easier?

With the Ink Business Preferred℠ Credit Card, you get points for all of your spending and even more in certain business categories where you probably tend to do the most spending!

Thinking of expanding your business? The right credit card can help cover those costs as well any unexpected business expenses.

The Ideal Cardholder

Are you burning yourself out in multiple different roles in your business? The Ink Business Preferred℠ Credit Card can help make your day a little easier by giving you a solid source of funds.

Sign-Up Bonus and Earning Categories

Chase Bank’s latest premium business card, the Ink Business Preferred℠ Credit Card, replaces the Ink Plus Business Credit Card with a bigger sign-up bonus, revamped categories, and a higher cap.

Those who already have the Ink Plus Business Credit Card can continue to use it with the same benefits, or you can open an Chase Ink Business Cash℠ Credit Card, which has most of the same categories and earnings rates at no annual fee.

Meanwhile, the new Chase business card gives you a head start on building your Ultimate Rewards balance by offering a whopping sign up bonus after you spend the required amount in the allotted time (see card summary table above for details).

Then, earn 3x points on the first $150,000 you spend each account anniversary year in the following business-focused categories: travel, cable, shipping, Internet, phone, and advertising (on social media and search engines).

As a small business owner, these are the categories you’ll want for earning points! Plus, the points can help offset the card’s $95 annual fee.

The card earns 1x points on all your other purchases.

We should also note that office supplies are not one of the bonus categories for this new card. Instead, you’ll earn 3x points for shipping expenses. Again, using the Chase Ink Business Cash℠ Credit Card will cover office supplies and other categories.

Ink Business Preferred℠ Credit Card Business Benefits

Order employee cards at no cost and add their points to your balance. Encourage them to use the card for business purchases in the 3x categories to reap the rewards even faster.

In our Chase Ink Business Cash℠ Credit Card review, we discussed how you can sign up for multiple cards if you own more than one small business. Sign up under your social security number of business Employee Identification Number (EIN) and get the sign-up bonus each time!

In fact, if you and your spouse are both owners of the same small business, you can each apply for a card under your own social security numbers and pool your sign-up bonuses and future points!

Tools for Your Business

Chase offers several management tools for small business owners with the card.

For instance, the Mobile Ink App allows you to manage and track employee spending from your smartphone or other device. You’ll have the ability to fule receipts and receive instant purchase alerts with the app too.

Cell phones can be a headache for small business owners because they are expensive to replace and repair. Get peace of mind with the Cell Phone Protection coverage of up to $600 per claim against theft or damage. It covers you and employees listed on your monthly cell phone bill as long as you pay it with the card.

Since you also get 3x points to put your cell phone bill on the card, it’s a terrific benefit.

Keep in mind there is a $100 deductible per claim, and you can’t make more than three claims in 12 months.

The Ink Business Preferred reward card also comes with complimentary purchase protection and travel coverage. And if you fly internationally on business, you’ll enjoy that there are no foreign transaction fees for purchases.

Bottom Line: Chase offers business tools and services like the Mobile Ink App, cell phone insurance, and purchase and travel insurances with the Ink Business Preferred℠ Credit Card.

Using Points With Chase Ultimate Rewards

The card provides plenty of benefits on its own. However, you can also combine it with other Chase Ultimate Rewards credit cards (which we highly recommend!) like the Chase Ink Business Cash℠ Credit Card, Chase Sapphire Reserve®, Chase Sapphire Preferred® Card, Chase Freedom®, and Chase Freedom Unlimited℠.

The ability to pool points into your Chase Ultimate Rewards account means you’ll have enough for the best awards in the form of travel, gift cards, shopping, and more.

Bottom Line: Consider combining the Ink Business Preferred℠ Credit Card with other Chase cards. That way you can really maximize the value of your Chase Ultimate Rewards points.

Compared to The Business Gold Rewards Card from American Express OPEN

The Business Gold Rewards Card from American Express OPEN does earn 3x points for advertising (when you select “US purchases for advertising in select media” as your bonus category).

However, earnings for Membership Rewards points with the card are capped at $100,000. The Ink Business Preferred℠ Credit Card has a higher cap of $150,000.

In addition, The Business Gold Rewards Card from American Express OPEN has an annual fee of $175, although it is waived the first year.

Versus the Chase Ink Business Cash℠ Credit Card

When you use the Chase Ink Business Cash℠ Credit Card, you’ll earn at most of the same places as the Ink Business Preferred℠ Credit Card with a couple of differences.

First, instead of points, you’ll earn cash back instead of points, but it can still be used as statement credit or in the Chase Rewards travel portal.

Second, you earn 5% cash-back in combined purchases at office supply stores and on landline, internet, cable tv, and cellular phone services each anniversary year and 2% cash back at gas stations and restaurants, but only up to the first $25,000.

If you spend a large chunk of your budget on office supplies, restaurants, and gas the 2% to 5% cash-back can be a huge plus because the Ink Business Preferred℠ Credit Card doesn’t include them as bonus categories (although it does earn 3x points for shipping).

But again, the cap is very low when you compare the cards: $25,000 vs. $150,000.

While it’s especially relevant when a card has a low maximum threshold for earning points in a category, it’s still a good idea to keep an eye on how much you are spending in the bonus categories. Once you go over a combined $150,000 the categories revert to 1x points.

Hot Tip: Chase makes it easy to keep tabs, especially with quarterly categories. Just log into your Chase account and click through to the Chase Ultimate Rewards site. You’ll see an estimate of how much you’ve spent in each category.

Tip #2: Put all of your business expenses on the card

The more you use the card for your business expenses — especially in the 3x points categories — the more points you will bank in your Chase Ultimate Rewards account. Remember, you get 1x points for all spending outside the bonus categories and this can add up rapidly.

Tip #3: Get your free employee cards

There’s no charge for employee cards and think about all of the expenses your employees can put on them!

Do they work from home? They can charge phone and internet bills for 3x points. Do they drive to meetings? They can charge gas. Whether they pay the bill or you reimburse them for the charges, you get the points!

Check the Chase Refer-a-Friend site to see if you are eligible to refer the card to a friend for 5,000 or 10,000 points. If so, you’ll receive a special link to send. If they sign up, you get the points! Referral points max out at 50,000 a year.

Tip #7: Special promotions

Did you know in many cases it’s possible to increase your sign-up bonus if Chase increases the amount within 90 days of getting your card? Contact Chase and they will usually honor the better points deal.

Also be on the lookout for Chase offers and promotions worth extra points throughout the year!

Even though you won’t earn additional bonus points for restaurants with the Ink Business Preferred℠ Credit Card, putting all your expenses on the card can still be quite valuable at only 1x points!

Best Way to Redeem Points

When it comes to redeeming points for rewards, the Chase Ultimate Rewards portal offers the most flexibility. You can use your points, transfer them between cards or redeem them for travel and shopping awards.

Don’t forget to pool your points from multiple cards for the most value! Here are some great ways to redeem your points from the Ink Business Preferred℠ Credit Card.

Travel Redemptions

Increase the value of your points by 20% to $0.0125 each by booking travel awards with the card in the travel booking tool.

Only Chase Sapphire Preferred® Card or the Ink Business Preferred℠ Credit Card offer this special automatic discount.

Non-Travel Redemptions

The following options are also available to redeem your points, but most offer a lower per point value of $0.01.

Option #1: Get statement credit

Transfer your earnings for statement credit from the Ultimate Rewards home screen. The minimum amount for a redemption is 2,000 points or $20.00.

Option #2: Direct deposit

Direct deposit is available from the same screen as statement credit. It may be considered income so check to see if it needs to be reported to the IRS.

Option #3: Redeem for a gift card

Redeem your points for gift cards from stores where you may already shop. While most gift cards offer a value of $.01 per point, there are some with better values. For instance, Kohl’s gift cards are available at a 10% discount or $0.011 per point, as we explained in our Chase Ultimate Rewards review.

We don’t recommend gift cards unless you can get a better rate than $0.01 and would only earn 1x points for shopping with your credit card.

Option #4: Shop Amazon.com

Amazon is a Chase Ultimate Rewards merchandise partner. You don’t have to go through the URs portal to use your points, which is convenient. However, points are valued at only $0.008 each.

Amazon allows you to combine points with other payment methods and you can link your Chase and Amazon accounts easily.

Because there is so much information to remember with the program, you may want to check out our Chase Ultimate Rewards Review as well as the official Rewards FAQ on the Chase site.

Other Unique Features

The Ink Business Preferred℠ Credit Card offers complimentary benefits and insurances which we outline below.

Travel Accident Insurance – Pay for travel (air, bus, train, or cruise) with the card, and you are eligible for up to $500,000 in accidental death/dismemberment coverage.

Trip Cancellation & Interruption Insurance – The credit card issuer will reimburse you up to $5,000 per trip for pre-paid, non-refundable travel expenses if your trip is canceled or interrupted by severe weather and other covered issues.

Auto Rental Collision Damage Waiver – Rent a vehicle for business purposes with your card and decline the company’s collision insurance for coverage up to the actual cash value in case of theft or collision damage.

Baggage Delay Insurance – Get reimbursed for “essential purchases” for baggage delays over 6 hours. The total benefit is up to $100 a day for 5 days.

Lost Luggage Reimbursement – Damaged or lost checked and carry-on bags are covered up to $3,000 per passenger.

Extended Warranty Protection – Your U.S. manufacturer’s warranty of up to three years is extended by one year.

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FAQ

What is the Ink Business Preferred℠ Credit Card? Why should I get it?

The card offers small business owners the opportunity to earn points for spending in multiple categories.

Cardmembers earn 3 points per $1 for purchases up to $150,000 in categories such as travel, Internet, phone, cable, shipping, and advertising through social media and search engines. All other purchases are worth 1 point per $1.

Small business owners who don’t mind spending the $95 annual fee can also enjoy benefits such as free employee cards, cell phone insurance, and the Mobile Ink App for tracking spending.

The Ink Business Preferred℠ Credit Card and other Chase Ultimate Rewards credit cards can be used in combination to cover all bonus categories. Then points can be pooled into one Ultimate Rewards account for redemption.

Does the Ink Business Preferred℠ Credit Card have an annual fee?

The annual fee is $95.

Is the Ink Business Preferred℠ Credit Card a o% APR card?

No. The card has a Variable APR (See Issuer’s Terms).

What is the bonus for signing up for the Ink Business Preferred℠ Credit Card?

The sign-up bonus is shown in the above card summary table or below special offer.

What are the benefits of the Ink Business Preferred℠ Credit Card?

There are many benefits for cardholders including 20% flight discounts and 25% more value for redeeming points for travel through the Chase Ultimate Rewards portal. For instance, 50,000 points becomes $625 to be used toward travel.

The card can also be combined with other Chase Ultimate Rewards credit cards such as the Chase Ink Business Cash℠ Credit Card, Chase Freedom®, Chase Freedom Unlimited℠, Chase Sapphire Reserve®, and Chase Sapphire Preferred® Card to earn even more points.

The card comes with travel insurances as well.

Which travel partners are associated with the Ink Business Preferred℠ Credit Card?

Cardholders can transfer points at a 1:1 ratio with the following travel loyalty programs in 1,000-mile increments:

When do the points earned post to my account?

Points from your purchases appear on your card credit card statement at the end of each month. However, bonus points can take longer to post. Travel partner points take up to a week to transfer.

How much are the Ink Business Preferred℠ Credit Card points worth?

When used directly, points are valued at $0.01, but when transferring to partner airlines and redeemed for international travel, they are worth up to $0.02.

How do you redeem Chase points for rewards?

To redeem your points, log into your Chase credit card account and click on Ultimate Rewards. From this site, you also have the option to switch your view to other Chase credit cards in the program or to transfer points between cards.

When do the points expire?

As long as your account is active and in good standing, your points will not expire.

Are there any foreign transaction fees with the Ink Business Preferred℠ Credit Card?

No, the card has no foreign transaction fees.

How do I log in to my Ink Business Preferred℠ Credit Card account?

Log into your account using the Chase Bank login page.

Which is the better credit card, the Ink Business Preferred℠ Credit Card or the Chase Ink Business Cash℠ Credit Card?

The Chase Ink Business Cash℠ Credit Card earns cash-back as points in the Ultimate Rewards program.

Earn 5% cash-back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. Also, earn 2% cash-back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.

The maximum earning cap is higher for the Ink Business Preferred℠ Credit Card but the Chase Ink Business Cash℠ Credit Card offers a 0% intro APR for 12 months on purchases and balance transfers (then a variable APR; see issuer’s terms).

Both cards can be used simultaneously to take advantage of all the benefits.

What are all available Chase Ultimate Rewards credit cards?

Ink Business Preferred℠ Credit Card

Chase Ink Business Cash℠ Credit Card

Chase Freedom®

Chase Freedom Unlimited℠

Chase Sapphire Preferred® Card

Chase Sapphire Reserve®

What is the Chase Ink Bold Credit Card?

The Chase Ink Bold card was an older version of the Chase UR credit cards. You can no longer sign up to the card, however.

Which card is better: the Chase Ink Business Preferred or the American Express SimplyCash?

Alex has been traveling for over 25 years and from a young age was lucky enough to set out on numerous family trips all over the world, which gave him the travel bug. Alex has since earned millions of travel points and miles, mainly through maximizing credit card sign-up bonuses and taking every opportunity to earn the most points possible on each dollar spent.

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Many of the credit card offers that appear on this site are from credit card companies from which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. For more information on our advertisers, see here.